B.C. Statutes We Administer
The BCFSA was established by the Financial Services Authority Act 2019.
It administers the following six provincial statutes:
- Credit Union Incorporation Act
This statute provides a corporate governance framework for credit unions consistent with their co-operative
- Financial Institutions Act
This statute provides a regulatory framework to govern all provincially regulated financial institutions including
trust companies, insurance companies and credit unions. It also provides the licensing and regulatory framework for
insurance agents, salespersons and adjusters under the supervision of the Insurance Council of British Columbia. The
statute further provides for a credit union deposit insurance fund.
- Insurance Act - This statute provides certain statutory requirements for contracts of insurance.
- Insurance (Captive Company) Act - This statute establishes British Columbia as a domicile for
captive insurance companies and provides a registration and regulatory framework for captive insurance
- Mortgage Brokers Act - provides a registration and regulatory framework for mortgage
brokers who deal with the public.
- Pension Benefits
Standards Act - is designed to protect the interests of British Columbia pension plan members by
setting minimum standards for British Columbia pension plans; and it is also designed to protect the financial
health of pension plans through rules for investment of a plan's assets, and through funding and solvency standards.
Copies of the statutes are available at a modest cost from:
563 Superior Street
Phone: 1 800-663-6105